Few trading ideas by Vaishali Parekh, Research Analyst - Technical Research at Prabhudas Lilladher:
Nifty in the daily chart has formed a bearish engulfing pattern indicating resistance at these levels and this weakness will be confirmed with Nifty going below 9,940 levels to have a lower top formation. The support for the day is seen at 9930 while resistance is seen at 10030.
CMP: Rs 1,606.45
TARGET: Rs 1,780
STOP LOSS: Rs 1,530
The stock has been consolidating for quite some time moving between the range of Rs 1540 and Rs 1600 gaining potential and now has produced a positive candle and we anticipate the stock to rise further in the coming days. The RSI indicator has been gradually on the rise and is also showing a positive bias. With decent volume participation witnessed, we recommend a buy in this stock for an upside target of Rs 1,780 keeping a stop loss of Rs 1,530.
CMP: Rs 240.45
TARGET: Rs 258
STOP LOSS: Rs 228
The stock has witnessed a short correction from the peak of Rs 255 to bottom out at Rs 205 to make a lower bottom formation pattern in the daily chart and has recovered significantly from thereon to show potential and strength to gain still further in the coming days. The stock can retrace to the previous peak level of Rs 255 and above for fresh targets. With good activity going on, we recommend a buy in this stock for an upside target of Rs 258 keeping a stop loss of Rs 228.
CMP: Rs 264
TARGET: Rs 292
STOP LOSS: Rs 248
The stock has corrected well recently and has been consolidating at around Rs 245-250 levels for quite some time gathering potential to move up and also it has got a good support at the level of Rs 240-245. The stock is showing signs of a bounce back to rise up further with positive bias and with the RSI showing a trend reversal signaling a buy, we recommend to buy this stock for an upside target of Rs 292 keeping a stop loss of Rs 248.
Disclaimer: The analyst may have positions in any or all the stocks mentioned above.